Premier Service Bank Announces Financial Results for the Quarter and Year Ended Dec. 31, 2004
January 27, 2005 1:49:00 PM ET

Premier Service Bank PSBK, a California state-chartered bank with headquarters in Riverside, announced today the audited results of its operations for the quarter and year ended Dec. 31, 2004.

At Dec. 31, 2004, the bank reported total assets of $86.8 million, representing a 28 percent increase over Dec. 31, 2003. Deposits closed at $77.9 million, representing an increase of 27 percent over the prior year-end. The bank's gross loan portfolio grew to $52.5 million, representing a 70 percent increase over year-end 2003. Unfunded credit commitments increased to $18.6 million at Dec. 31, 2004, representing an 86 percent increase over the prior year-end.

For the quarter the bank reported an operating profit of $286.1 thousand, representing a 132 percent increase over the prior quarter operating profit of $123.4 thousand. For the year ended Dec. 31, 2004, the bank reported an operating profit of $226.1 thousand, which represented a 153 percent improvement over the $425.9 thousand loss reported for the comparable period ended Dec. 31, 2003.

Earnings per basic share for the year ended Dec. 31, 2004, were $0.20, compared to the loss of ($0.41) per basic share for the year ended Dec. 31, 2003.

"We continue to remain focused on building and growing the bank through a robust business development effort," said Kerry Pendergast, President and CEO of the bank. "Further, our existing client base is represented by customers and shareholders who value their relationship with the bank and are eager to see the institution continue to grow. For our part, we know that we must continue to provide extraordinary customer service that translates into a customer first attitude! This is why our two main constituencies are most willing to refer friends and business associates to Premier," Pendergast said in closing.

Contact Information: Premier Service Bank Kerry L. Pendergast or F. Dean Fletcher, 951-274-2400.

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